Leaving HL without transfer charges

gadgetmind

jamesd wrote: »

You might counter-offer with a request for a cap. "I'll accept if you also cap the amount it will be charged on at xxx".

Is that where the phrase "cap in hand" comes from?

YorkBluenose

YorkBluenose wrote: »

I emailed in the obligatory "complaint" letter re. waiving of exit fees on Wednesday. Received response today, offering me a reduced charge of 0.2% for everything held under my single Client Reference Number, which covers my SIPP (198k) and ISA (75k).

I've got some pondering to do, a little more research, etc. And I need to confirm some of the finer points with HL. But my initial thought is to stay, simply to avoid the hassle of switching.

I should have also stated that they stated nil charge over 250k, and agreed to waive charges for any transfer request received in one month of their letter, which gives me some thinking time. Not a bad outcome in the scheme of things.

Many thanks to everyone on this forum, without whom, frankly, I would not pursued this. Cheers :beer:

Michael_Nottingham

They 'kindly' offered be a free one month exit from 1st March as well - but no deal.

They should be offering a free exit anyway. It was accompanied by a load of ... but wait till 1st March when we announce our stunning exclusive discounts that will make us competitive.

It sounds as if they have negotiated negative costs from fund providers :rotfl:- as this is the only way they will be competitive for me (I am in a high % of low cost trackers and fixed cost providers).

Thats another reasonable 6 figure sum moving away from them (III and Halifax)

Would be really interesting to total out how much people on here are moving from them

darren72

Has anyone been offered a cap lower than £500 pa ?

Chris2000

Michael_Nottingham wrote: »

Would be really interesting to total out how much people on here are moving from them

The sad reality is that it's probably a drop in the ocean. HL know that in the medium term there's more shareholder value in milking what they can from the inertia of existing customers than there is in competing head-on with the low cost platforms for new custom. Where necessary they will try to retain departing customers with under-the-counter retention offers.

That fact that these new charges are actually an improvement for most people holding actively managed funds just highlights how much HL were making before. But like current accounts and annuities, the majority of customers will just stay put and pay up.

ffacoffipawb

Michael_Nottingham wrote: »

They 'kindly' offered be a free one month exit from 1st March as well - but no deal.

They should be offering a free exit anyway. It was accompanied by a load of ... but wait till 1st March when we announce our stunning exclusive discounts that will make us competitive.

It sounds as if they have negotiated negative costs from fund providers :rotfl:- as this is the only way they will be competitive for me (I am in a high % of low cost trackers and fixed cost providers).

Thats another reasonable 6 figure sum moving away from them (III and Halifax)

Would be really interesting to total out how much people on here are moving from them

The amounts would be interesting too ...

I transferred out a £50k SIPP.

Totton

Has anyone been offered a cap lower than £500 pa ?

Yep, mine is £45 a year as I hold Investment Trusts :beer:

Totton

ffacoffipawb wrote: »

The amounts would be interesting too ...

I transferred out a £50k SIPP.

I'd be careful if holding around that amount as to where you move to. As details have emerged it seems you could be better off with HL than several of the other places people are seemingly jumping ship to in the panic we are witnessing.

darren72

Totton wrote: »

Yep, mine is £45 a year as I hold Investment Trusts :beer:

HL have capped all charges on your account to £45 !!??

I don't mean what you will be paying, I mean what any fees are capped at ?

Thanks

Chris2000

darren72 wrote: »

Has anyone been offered a cap lower than £500 pa ?

£250. As was someone else earlier in this thread.

I have an ISA with 100% passive funds and currently pay a lot less than £250pa. The new charges would have been over £1000 at the published rates and I think they got the message that there was zero chance of me staying around to pay such a ridiculous fee for holding tracker funds. My complaint was actually about the exit fees after being informed of such a large increase in platform fees.